- Oct 8, 2007
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The downpayment is not a problem and I'm def below $81k, I'm going to look further into it though cause if I can't rent it out and can't sell it for more than what I bought it for than I'm not going to bother going through the trouble.
The real benefit you'll get out of it is really not paying rent. There is HOA fee as well but the property is essentially still yours even if you sell it for the BMR price. That will be your main return where as everyone else that is renting is just throwing that money away. I've heard of people trying to sublet their condo but that isn't as easy as it seems. If you have the means, definitely go for it. I couldn't do it cause I did't have the down for it and my girlfriend was going to give it to me but the loan officer denied us from it since she said I had to have that money in my bank from my own terms. But with our dual income, we might buy away from SF but I am literally $1k under the BMR qualifying price and if I wanted to do it, I need to do it now before the end of the year comes.
There is some condos that are opening up near Twitter's headquarters on like Mission and 8th or 9th area. I think the whole building will be only for BMR condos. Check into that cause I am sure a ton of people and even Twitter employees will be gunning for it.